WEBVTT - Uber Profit Grows and Adobe's Figma Deal Update 0:00:01.480 --> 0:00:02.200 From Mahard. 0:00:02.360 --> 0:00:06.800 We're Innovation of Money and Power Collie in Silicon Valley, NBN. 0:00:07.120 --> 0:00:11.360 This is Bloomberg Technology with Caroline Hide and Ed Love Love. 0:00:25.320 --> 0:00:27.880 No from Bloomberg's world headquarters in New York. Home Caroline 0:00:27.920 --> 0:00:28.480 Hyde and. 0:00:28.480 --> 0:00:31.080 In the Big Apple back together, I'm Ed Lovelow. This 0:00:31.360 --> 0:00:33.239 is Bloomberg Technology coming up. 0:00:33.440 --> 0:00:36.120 Full earnings coverage ahead. We're going to be breaking down 0:00:36.120 --> 0:00:38.360 the results from Uber and sit down with the CEO 0:00:38.640 --> 0:00:39.600 Daracosta Shahi. 0:00:39.760 --> 0:00:42.320 Plus we'll speak to the CEO of Figma about where 0:00:42.360 --> 0:00:45.600 Adobe's twenty billion dollar purchase of the company stands, and 0:00:45.640 --> 0:00:47.839 take a look at new AI tools that they've unveiled. 0:00:48.200 --> 0:00:50.760 And we'll bring you the big takeaways from open AI's 0:00:50.760 --> 0:00:54.280 first ever developers conference as the AI startup on Veil's 0:00:54.320 --> 0:00:58.080 custom GPTs. Stick into these Uber earnings for peace to 0:00:58.160 --> 0:01:00.440 be welcoming to the show the CEO of the company, 0:01:00.440 --> 0:01:03.040 Donticles Ashahi, as well as of course our own Emi 0:01:03.120 --> 0:01:04.680 Chang of Blue magnes Ey. 0:01:04.640 --> 0:01:07.680 Take it away first, Caroline, thank you so much, Dara, 0:01:07.800 --> 0:01:10.280 thank you as well as always for joining us. So look, 0:01:10.360 --> 0:01:12.640 Uber shares have almost doubled this year, but they were 0:01:12.680 --> 0:01:16.199 a little volatile this morning on the upswing. Now, what's 0:01:16.240 --> 0:01:19.280 the message to investors who are seeing mixed signals here? 0:01:20.560 --> 0:01:23.600 Well, the message to investors is that we had another 0:01:23.760 --> 0:01:28.520 record quarter and that the business is accelerating and actually 0:01:28.560 --> 0:01:32.959 surprised us on on the top line, our growth bookings 0:01:32.959 --> 0:01:37.040 came in over thirty five billion dollars, up twenty percent 0:01:37.080 --> 0:01:40.960 on a constant currency basis, accelerated versus an already high 0:01:41.000 --> 0:01:44.400 growth rate in Q two. If you look at the 0:01:44.480 --> 0:01:47.080 number of trips taken on the platform, two point four 0:01:47.280 --> 0:01:51.880 billion trips this last quarter, that's twenty seven million trips 0:01:51.880 --> 0:01:54.920 taken every single day. That was up twenty five percent 0:01:55.040 --> 0:01:58.400 on and you're on your basis again an acceleration over 0:01:58.520 --> 0:02:01.880 last quarter where trips care twenty two percent. We did 0:02:01.960 --> 0:02:07.440 have a revenue accounting adjustment, and basically it was taking 0:02:07.760 --> 0:02:13.800 marketing costs and incentives. We do provide incentives to customers 0:02:14.600 --> 0:02:18.360 discounts to spur demand, and while they used to be 0:02:18.960 --> 0:02:22.919 classified as marketing cost in previous years, in previous quarters 0:02:23.440 --> 0:02:28.560 they were classified as contra revenue and our revenue then 0:02:28.600 --> 0:02:33.160 stated revenue grow ten percent. But this it's really the 0:02:33.320 --> 0:02:38.240 geography of marketing classified as contra revenue took down a 0:02:38.320 --> 0:02:41.480 reported revenue by eight percent doesn't affect the bottom line 0:02:41.520 --> 0:02:44.720 at all. So our adjustedy BADAC came in at a 0:02:44.800 --> 0:02:47.840 billion ninety two, up over one hundred percent on a 0:02:47.919 --> 0:02:50.720 year on your basis. And then of course we were 0:02:50.919 --> 0:02:54.959 again gap net income profitable with over two hundred million 0:02:55.000 --> 0:02:58.520 dollars in net income and something that we expect to 0:02:58.560 --> 0:03:00.960 be profitable going forward as an enterprise. 0:03:01.520 --> 0:03:04.480 Right your second quarter of profitability. Revenue is growing more 0:03:04.520 --> 0:03:07.440 slowly though over the last several quarters, so you know, 0:03:07.480 --> 0:03:10.720 what are your longer term what's your longer term view 0:03:11.080 --> 0:03:12.160 on where the growth is. 0:03:12.160 --> 0:03:12.760 Going to come from? 0:03:12.840 --> 0:03:16.680 And you know those who were concerned about market saturation, well, the. 0:03:16.639 --> 0:03:20.160 Revenue growth slowdown is again purely as a result of 0:03:20.200 --> 0:03:24.160 these accounting reclassifications. If you look at the business and 0:03:24.200 --> 0:03:27.960 the bookings growth, which is really consumer demand, both on 0:03:28.040 --> 0:03:31.440 the ride side and on the delivery side, both of 0:03:31.480 --> 0:03:36.040 them accelerated. So our mobility business grew growth bookings thirty 0:03:36.080 --> 0:03:38.200 percent on a year on year basis. It was an 0:03:38.200 --> 0:03:42.680 acceleration over Q two. We saw strength all over the world, 0:03:42.680 --> 0:03:45.680 but we saw particular strength in the Asia Pacific regions 0:03:46.120 --> 0:03:48.480 and Latin American regions as a result of some of 0:03:48.520 --> 0:03:54.360 the newer products that we've introduced, taxi two wheelers, motorcycles 0:03:54.400 --> 0:03:57.600 that you know are Uber motorbikes that can whish through traffic, 0:03:57.640 --> 0:04:01.240 et cetera. And then on the delivery, our gross bookings 0:04:01.240 --> 0:04:04.640 grow sixteen percent, again an acceleration over Q two when 0:04:04.640 --> 0:04:08.680 we grow fourteen percent, And that's just food delivery continuing 0:04:08.720 --> 0:04:12.240 to be super popular with consumers all around the world. 0:04:12.680 --> 0:04:17.040 It's our growing faster than the general category. We gain 0:04:17.160 --> 0:04:21.560 category position in nine out of ten top ten markets 0:04:21.600 --> 0:04:24.400 all around the world. And it's our number of grocery 0:04:24.440 --> 0:04:29.599 offerings expanding beyond just food into grocery, alcohol, pet food, 0:04:29.640 --> 0:04:32.800 whatever you want delivered to your home. We want Uber 0:04:32.800 --> 0:04:36.839 East to be there. So the strength continues the consumer, 0:04:37.080 --> 0:04:41.320 US consumer, global consumer continues to be strong, and that's 0:04:41.360 --> 0:04:43.040 definitely been a tail one for our business. 0:04:43.839 --> 0:04:46.240 You've been building out your advertising business, and I'm curious 0:04:46.240 --> 0:04:49.440 where you see the biggest opportunity there. Who's a target demo, 0:04:49.680 --> 0:04:52.440 where's the most upside, where's the best place to show 0:04:52.520 --> 0:04:55.760 folks in the app new advertising and how does that 0:04:55.800 --> 0:04:56.240 play out? 0:04:57.360 --> 0:04:57.600 Well? 0:04:57.760 --> 0:05:01.360 The biggest part of our advertising business us our restaurants 0:05:01.400 --> 0:05:04.919 who are looking to improve their placement inside of the 0:05:04.960 --> 0:05:09.520 marketplace by targeting consumers or eaters who are likely to 0:05:10.640 --> 0:05:13.160 want to eat from that restaurant. And these are mostly 0:05:13.240 --> 0:05:18.479 small and medium businesses and enterprises like McDonald's or Wendy's, etc. 0:05:19.080 --> 0:05:22.560 Who advertise on our platform. And because we know so 0:05:22.640 --> 0:05:26.320 much about our consumers, all our data, et cetera, we 0:05:26.400 --> 0:05:31.800 can identify consumer segments who are likely to react, so 0:05:31.920 --> 0:05:36.440 to speak, to that advertising. And as a result, advertising 0:05:36.480 --> 0:05:42.159 revenue continues to grow at significant numbers. We targeted a 0:05:42.160 --> 0:05:46.159 billion dollars in advertising for next year. We're pacing on 0:05:46.240 --> 0:05:48.960 that target. We're going to exceed that target as well. 0:05:49.320 --> 0:05:51.840 The number of advertisers who are advertising on Uber is 0:05:51.920 --> 0:05:54.120 up seventy percent on a year on year basis. It's 0:05:54.160 --> 0:05:58.640 over four hundred thousand dollars four hundred thousand businesses as well. Now, 0:05:58.680 --> 0:06:01.880 one of the newer adverageising products that we're very excited 0:06:01.880 --> 0:06:06.159 about is actually branded advertisements. And you might see those 0:06:06.160 --> 0:06:10.480 branded advertisement advertisements when you're using your Uber app and 0:06:10.520 --> 0:06:14.080 you're waiting for your car. We might show you and 0:06:14.160 --> 0:06:18.719 add from an Apple or a credit card company or 0:06:18.800 --> 0:06:23.559 an upcoming movie. Our demographic consumer tends to be urban, 0:06:23.880 --> 0:06:26.680 tends to be very high income, and we have very 0:06:26.720 --> 0:06:29.720 big hopes for our branded advertising business as well. 0:06:30.080 --> 0:06:32.440 Dar We've gone deep here on the numbers, which Emily 0:06:32.480 --> 0:06:34.159 and Caroline know I love doing. 0:06:34.440 --> 0:06:36.480 But I just have a big picture question for you. 0:06:37.040 --> 0:06:39.560 What does Uber look like in five years from now 0:06:39.920 --> 0:06:42.040 and what are the steps that you take to meet 0:06:42.040 --> 0:06:44.120 your vision for Uber in five years time? 0:06:45.160 --> 0:06:47.760 Well, I think in five years time, we really want 0:06:47.800 --> 0:06:52.799 to be that operating system for everyday life for you. Personally. 0:06:53.440 --> 0:06:55.120 We want you to wake up and think about Uber. 0:06:55.320 --> 0:06:58.200 Am I going to have breakfast? Am I going to 0:06:58.200 --> 0:07:02.719 top up my grocery if I'm cooking tonight, going to 0:07:02.800 --> 0:07:05.520 the office, coming back to the office. We really want 0:07:05.680 --> 0:07:09.600 Uber to be there every day to help you in 0:07:09.640 --> 0:07:12.360 your life, to get you where you're going, and to 0:07:12.560 --> 0:07:15.280 save time from some of these tasks. You know, there 0:07:15.280 --> 0:07:17.080 are some people who like grocery shopping, but there are 0:07:17.080 --> 0:07:19.640 a ton of people who don't like grocery shopping. There 0:07:19.640 --> 0:07:21.160 are a ton of people who just want to eat 0:07:21.200 --> 0:07:24.560 at home, etc. And we want Uber to be that 0:07:24.840 --> 0:07:29.000 relevant life partner or life operating system for you really 0:07:29.040 --> 0:07:30.560 all over the world, it's. 0:07:30.440 --> 0:07:33.120 The freight unit. Dara still part of that vision in 0:07:33.160 --> 0:07:36.400 five years time. There's been talked from our own bluemerg analysis, 0:07:36.440 --> 0:07:39.200 so maybe that's fun off well. 0:07:39.320 --> 0:07:43.160 Freight is a very promising segment for us that is 0:07:43.600 --> 0:07:47.720 suffering now from kind of the great freight recession that 0:07:47.800 --> 0:07:50.680 you see create. Rates are coming down post pandemic as 0:07:50.720 --> 0:07:54.920 a result of an oversupply situation. There are a ton 0:07:55.000 --> 0:07:58.920 of digital brokers and actually analog traditional brokers going out 0:07:58.960 --> 0:08:01.360 of business now. One of our or big competitors, Convoy, 0:08:01.880 --> 0:08:03.960 for example, announced that they were going out of business 0:08:04.000 --> 0:08:06.760 a couple of weeks ago, and that's those rates of 0:08:06.840 --> 0:08:09.040 hit or freight business as well. It was down twenty 0:08:09.120 --> 0:08:13.040 seven percent year on year. It lost some money, but 0:08:13.640 --> 0:08:18.120 the technology of matching supply and demand in a digital 0:08:18.160 --> 0:08:20.720 way we still think has incredible promise. 0:08:21.640 --> 0:08:23.200 As the freight. 0:08:22.960 --> 0:08:25.720 Business cleans up to some extent and some of the 0:08:25.720 --> 0:08:29.960 smaller players move out, we think that Uber Freight is 0:08:30.000 --> 0:08:33.120 going to emerge as one of the players with the 0:08:33.120 --> 0:08:38.440 best technology out there. We've actually invested into the transportation 0:08:38.640 --> 0:08:41.200 management part of the business, so not only do we 0:08:41.800 --> 0:08:45.280 connect you with a trucker to go from point A 0:08:45.360 --> 0:08:48.559 to B we're helping you with your whole freight network 0:08:49.040 --> 0:08:52.640 and using machine learning, using the power of the data 0:08:52.679 --> 0:08:58.199 that we have to create a more effective shipping network 0:08:58.240 --> 0:09:01.040 for you. We think that's a very promising business and 0:09:01.360 --> 0:09:04.440 at this point we are absolutely investing in freight and 0:09:04.480 --> 0:09:05.480 innovating around freight. 0:09:06.559 --> 0:09:09.120 Dara, Uber's been in the AI business for a long time, 0:09:09.160 --> 0:09:11.320 but I know you're integrating it more and more into 0:09:11.360 --> 0:09:11.960 the platform. 0:09:12.000 --> 0:09:12.640 Where have you. 0:09:12.600 --> 0:09:15.160 Seen the biggest value add so far and where do 0:09:15.160 --> 0:09:18.120 you expect to see the biggest value add from AI 0:09:18.559 --> 0:09:19.199 in the future. 0:09:20.200 --> 0:09:22.960 Well, AI is intermingled into every part of our platform, 0:09:23.040 --> 0:09:25.080 and you know, every single time you see a price 0:09:25.120 --> 0:09:28.280 on Uber, every single time we make an offer to 0:09:29.520 --> 0:09:33.400 a driver on Uber, every time we match you up 0:09:33.480 --> 0:09:38.400 with a vehicle route you, all of that is powered 0:09:38.920 --> 0:09:43.160 by AI. Some of the newer AI kind of innovations 0:09:43.160 --> 0:09:46.240 that you see with large language models are helping us 0:09:46.360 --> 0:09:50.080 automate some tasks that were difficult to automate previously or 0:09:50.080 --> 0:09:54.840 difficult to train machine learning algos previously. One is, for example, 0:09:54.920 --> 0:10:00.000 document transcription. If you put in your license, your insurance, 0:10:00.320 --> 0:10:04.200 background checks, et cetera, documents we can transcribe to those 0:10:04.640 --> 0:10:07.160 with the power of machine learning versus having humans look 0:10:07.200 --> 0:10:10.240 at it. Humans, as it turns out, often make more 0:10:10.280 --> 0:10:13.720 mistakes than algorithms. We actually combined both into a call 0:10:13.800 --> 0:10:18.520 it a superhuman. Another area that we are we think 0:10:18.600 --> 0:10:21.160 is quite promising is actually on the customer service side. 0:10:21.400 --> 0:10:24.760 Anytime someone reaches out to us in customer service, we 0:10:24.880 --> 0:10:28.720 have to be aware of you know, your history with Uber. 0:10:28.720 --> 0:10:31.040 We've got to be aware of the context, what's going 0:10:31.080 --> 0:10:34.960 on in that particular time, and also what are our policies, 0:10:34.960 --> 0:10:38.120 and our policies differ all over the world. Again, machine 0:10:38.160 --> 0:10:41.959 learning algorithms can go through all of that at the 0:10:42.000 --> 0:10:44.840 click of the button essentially and then get back to 0:10:44.880 --> 0:10:49.280 the customer, and we think actually provide an elevated customer 0:10:49.360 --> 0:10:52.880 service at a lower cost, something that's super excited for us. 0:10:53.320 --> 0:10:56.320 All right, Well, thanks there to Uber CEO Dara Kushashai 0:10:56.360 --> 0:10:59.080 and of course Bloomberg exactly changing out in SF. Really 0:10:59.080 --> 0:11:00.920 big morning actually on the Uber earnings front. A lot 0:11:00.920 --> 0:11:03.720 of volatility in the stock, but a wide ranging conversation 0:11:03.720 --> 0:11:06.520 are coming up here on Bloomberg technology. Open ai wraps 0:11:06.600 --> 0:11:09.800 up its first ever developers conference in San Francisco. We 0:11:09.840 --> 0:11:12.120 had the key takeaways from someone who is there on 0:11:12.160 --> 0:11:14.320 the ground, a good friend of ours out in SF. 0:11:14.360 --> 0:11:29.120 This is Bloomberg Technology. 0:11:31.760 --> 0:11:36.120 GPTs are tailored versions of Chat GPT for a specific purpose. 0:11:37.200 --> 0:11:40.520 You can build a GPT, a customized version of Chat 0:11:40.520 --> 0:11:45.600 GPT for almost anything with instructions, expanded knowledge and actions, 0:11:46.520 --> 0:11:48.240 and then you can publish it for others to use. 0:11:50.520 --> 0:11:53.160 Open Ai CEO Sam Altman there at the company's first 0:11:53.160 --> 0:11:57.079 ever developers conference where they unveiled custom versions of Chat GPT. 0:11:57.559 --> 0:11:59.520 Let's go to Bloomberg's Rachel Metz. You are in the 0:11:59.559 --> 0:12:03.920 building assessing all the euphoria around it, but ultimately is 0:12:03.960 --> 0:12:05.080 this going to fend off the competition? 0:12:05.160 --> 0:12:09.680 Rachel, That is a great question. I think that you're 0:12:09.720 --> 0:12:12.320 starting to see them think about a little bit what 0:12:12.360 --> 0:12:14.720 are other companies doing? But also what can we do 0:12:14.800 --> 0:12:18.000 really well? How can we get people interested in using 0:12:18.040 --> 0:12:21.400 our products even more for different things? And the fact 0:12:21.520 --> 0:12:24.199 is that you can use something like chatchpt for all 0:12:24.240 --> 0:12:27.120 sorts of things, but it would work even better if 0:12:27.120 --> 0:12:30.720 you customized it and made it more something like a 0:12:30.760 --> 0:12:34.320 homework helping bot or a recipe bot, you know, those 0:12:34.360 --> 0:12:36.800 sorts of things, and give it a little extra data, 0:12:37.080 --> 0:12:39.400 train it in a certain way, and perhaps it'll be 0:12:39.440 --> 0:12:41.920 a little bit something like the app store that Apple 0:12:42.600 --> 0:12:45.320 really came up with years ago, where people weren't quite 0:12:45.360 --> 0:12:47.360 sure what to do it first with it right, and 0:12:47.400 --> 0:12:49.959 then after a while it was like, ah, this is 0:12:50.000 --> 0:12:52.400 what we do and people some things won't work, but 0:12:52.440 --> 0:12:53.400 some things really well with. 0:12:53.480 --> 0:12:55.200 That was something that a lot of folks are talking 0:12:55.240 --> 0:12:58.720 about that caught their attentions. Open Ai to do a 0:12:58.760 --> 0:13:03.360 digital store and introduce revenue sharing, kind of like X 0:13:03.520 --> 0:13:05.920 is done in some ways the platformforming known as Twitter. 0:13:05.920 --> 0:13:08.440 What do we learn about that future Open Ai store, Rachel. 0:13:09.679 --> 0:13:12.360 We know that there is going to be some looking 0:13:12.400 --> 0:13:15.680 over of the GPTs us they're calling them these customized 0:13:15.760 --> 0:13:19.720 chatbots before people are allowed to offer them to other people, 0:13:20.000 --> 0:13:22.760 similar to what Apple and Google et cetera do. 0:13:22.800 --> 0:13:24.600 With their respective app stores. 0:13:24.920 --> 0:13:27.160 It's not one hundred percent clear to me yet how 0:13:27.240 --> 0:13:30.160 the revenue share is going to work in terms of people, 0:13:30.240 --> 0:13:32.920 if people are downloading these things a lot, if the 0:13:33.000 --> 0:13:35.240 creator is going to get paid a certain amount of money, 0:13:35.280 --> 0:13:37.040 I think some of that stuff is still TBD. 0:13:38.240 --> 0:13:40.560 We want to thank you Rachel Metz bringing all the 0:13:40.640 --> 0:13:43.520 inside track what the event was like, ed Avity, Yeah. 0:13:43.320 --> 0:13:45.320 We have a quick talking tech And first off, Elon 0:13:45.400 --> 0:13:49.320 Musk's SpaceX is on track for fifteen billion dollars of 0:13:49.360 --> 0:13:52.480 sales in twenty twenty four. That according to Bloomberg sources, 0:13:52.840 --> 0:13:56.440 the company's Starlink internet business is showing growth such that 0:13:56.520 --> 0:14:00.880 it's expected to outpace and exceed the company's rocket launch business. 0:14:01.160 --> 0:14:03.960 Starlink could account for more than ten billion dollars in 0:14:03.960 --> 0:14:07.600 total sales for next year, one source told me. Plus, 0:14:07.920 --> 0:14:10.360 we Work shut as its doors, the company filing for 0:14:10.480 --> 0:14:14.920 Chapter eleven bankruptcy in New Jersey, This capping a tumultuous 0:14:14.920 --> 0:14:17.720 few years which the company has navigated a failed merger, 0:14:18.000 --> 0:14:21.320 COVID nineteen lockdowns, a blank check merger, and of course 0:14:21.360 --> 0:14:24.360 a slow return to office trend. We Work once commanded 0:14:24.400 --> 0:14:27.920 a forty seven billion dollar valuation back in twenty nineteen, 0:14:28.280 --> 0:14:32.240 but it has listed nineteen billion dollars of liabilities. And 0:14:32.280 --> 0:14:34.640 then you look at who might be impacted as creditors. 0:14:34.680 --> 0:14:36.240 Caro a big name on their. 0:14:36.440 --> 0:14:40.000 Creditors credibility of one Massa Yoshi Son. Interestingly, here in 0:14:40.040 --> 0:14:43.400 New York, they've already dumped forty New York City office 0:14:43.480 --> 0:14:47.200 leases since that announcement, so notable moves already had, but 0:14:47.400 --> 0:14:49.320 we've got some notable moves that are happening in the 0:14:49.360 --> 0:14:52.160 worldern publicly traded companies and Apple's won to be keep 0:14:52.160 --> 0:14:53.200 an eye on on Yeah. 0:14:53.000 --> 0:14:56.160 And reported by who else Bloombo's Mark German a rare move, 0:14:56.200 --> 0:14:59.960 but Apples basically hit pause on developing most of net 0:15:00.000 --> 0:15:03.680 next year's software updates for iPhone, iPad, Mac and some 0:15:03.760 --> 0:15:07.880 other devices because it's trying to fix some bugs. German 0:15:08.360 --> 0:15:11.080 says that this delay has been announced internally to employees. 0:15:11.120 --> 0:15:13.160 He's now reporting those details and we'll bring you more 0:15:13.200 --> 0:15:24.880 on it. This is Blombog Technology. Figma is launching new 0:15:24.920 --> 0:15:28.160 AI features for its collaborative tool fig Jam. The new 0:15:28.200 --> 0:15:32.680 AI version aims to boost productivity with new features to generate, summarize, 0:15:32.720 --> 0:15:36.120 and sort files, among other things. Delighted to be joined 0:15:36.320 --> 0:15:39.760 by Figma's CEO Dylan Field and Caroline and I were 0:15:39.760 --> 0:15:43.160 talking about this this morning about the technology base for 0:15:43.240 --> 0:15:46.680 what you've announced. Where does the technology come from? Is 0:15:46.680 --> 0:15:49.440 it your own large language model, foundation model powering this 0:15:49.880 --> 0:15:51.400 or have you gone to a third party? 0:15:52.440 --> 0:15:54.160 All right, well, it's great to be here and thank 0:15:54.160 --> 0:15:56.760 you for having me. Just to back up a little bit, 0:15:57.240 --> 0:15:59.480 Figma's platform. We try to make it step people can 0:15:59.520 --> 0:16:02.160 go oh the way from idea to design to production 0:16:02.280 --> 0:16:06.080 and software code. And what we're launching today is our 0:16:06.120 --> 0:16:08.840 new fig Jmi features which will help it make it 0:16:08.880 --> 0:16:12.880 so that you can do meetings better and have more 0:16:12.920 --> 0:16:17.080 productive working sessions and brainstorms in big jam. And with 0:16:17.160 --> 0:16:20.960 fig Jmi, we're really excited to see how people use it. 0:16:21.000 --> 0:16:24.160 And we're using the our finacial model we're using is 0:16:24.160 --> 0:16:29.560 from open Ai. We're using GPT four, but yeah, definitely 0:16:29.600 --> 0:16:32.600 something that we could reconsider in the future. We have 0:16:32.640 --> 0:16:34.680 done a lot of work on the prompt engineering particular 0:16:35.040 --> 0:16:36.760 set we can make it set. We're able to better 0:16:36.800 --> 0:16:39.360 lower the four and make it set more people are 0:16:39.360 --> 0:16:41.720 able to have better working meetings, but also raise a 0:16:41.720 --> 0:16:43.200 ceiling and make it so you can do more in 0:16:43.240 --> 0:16:44.520 our product in fig jam. 0:16:44.920 --> 0:16:47.680 So you've outlined basically how this is going to help customers. 0:16:48.000 --> 0:16:52.640 Dnnan What does ultimately product design look like once AI 0:16:52.760 --> 0:16:56.240 has really taken charge? I mean, where will the human 0:16:56.320 --> 0:16:59.040 interact with AI? Where will ultimately be able to just 0:16:59.040 --> 0:17:01.560 put in a prompt and how well the latest fintech 0:17:02.080 --> 0:17:05.679 at built within a blink of an eye. 0:17:06.600 --> 0:17:08.080 Yeah, I think that ultimately. 0:17:08.480 --> 0:17:11.240 First of all, for fig JMAI, we're much more focused 0:17:11.280 --> 0:17:13.800 on how do you take the busy work out of 0:17:13.880 --> 0:17:17.840 creating great means and brainstorms. But if you think forward 0:17:17.840 --> 0:17:20.920 to Figma design and how we're going to take AI 0:17:21.240 --> 0:17:23.320 and put it into more of our products experience, whether 0:17:23.359 --> 0:17:26.399 it's design or even development with dev Mode, the new 0:17:26.400 --> 0:17:31.119 product we launched earlier this year, I can fig I 0:17:31.160 --> 0:17:34.399 think that AI will really help you get to a 0:17:34.440 --> 0:17:38.080 great first draft. It'll still take a great team to 0:17:38.119 --> 0:17:41.639 get to that final product and it though, I think 0:17:41.680 --> 0:17:44.280 though that it'll make it set you can do more 0:17:45.280 --> 0:17:49.080 and be even more productive and efficient, and we're really 0:17:49.119 --> 0:17:52.160 excited to see where that takes our users. But yeah, 0:17:52.240 --> 0:17:54.119 right now, I think it's more about how do you 0:17:54.160 --> 0:17:56.719 get away from the busy work, not how the robots 0:17:56.720 --> 0:17:57.080 take over? 0:17:57.680 --> 0:17:58.159 You cooled it. 0:17:58.160 --> 0:18:00.000 By the way, when we were chatting Caroline, we were like, 0:18:00.680 --> 0:18:04.679 which LM interesting choice on open AI. Look, it's been 0:18:04.720 --> 0:18:07.720 a year, Dylan since you announced that you would be 0:18:07.720 --> 0:18:12.199 acquired by Adobe. Is that actually going to happen? I mean, 0:18:12.200 --> 0:18:14.200 what chances that the deal falls through? 0:18:15.160 --> 0:18:18.000 We're very optimistic and really excited about what we can 0:18:18.000 --> 0:18:21.439 do with Adobe. I think that there's such comminary strengths 0:18:21.480 --> 0:18:23.240 that Adobe and Figma can bring together. 0:18:23.640 --> 0:18:24.360 So we've seen with. 0:18:24.320 --> 0:18:27.080 Adobe all their work with fire Orfly and what they've 0:18:27.119 --> 0:18:29.400 done with AI, and Figma can wearn a lot from 0:18:29.440 --> 0:18:33.000 Adobe there. But also Figma has gone into new audiences 0:18:33.040 --> 0:18:35.679 such as developers with dev mode, and we think that 0:18:35.720 --> 0:18:38.439 we can bring a lot to Adobe there as well. 0:18:38.680 --> 0:18:40.159 And we can wait you get this done and do 0:18:40.280 --> 0:18:40.679 or together. 0:18:41.760 --> 0:18:45.120 You've already been brainstorming about you as a consolidated unit, 0:18:45.160 --> 0:18:48.920 what actually you can bring to consumers, how your products change. 0:18:49.119 --> 0:18:52.200 It's interesting actually the EU regulators, we're worrying about how 0:18:52.200 --> 0:18:55.760 your use of AI might end up fending off competition 0:18:55.880 --> 0:18:58.560 even further, how do you think AI brought together with 0:18:58.600 --> 0:19:01.080 Adobe and yourself might change the game a little bit. 0:19:02.000 --> 0:19:04.800 Look, I think that all companies will benefit from AI, 0:19:05.800 --> 0:19:09.040 and I'm really excited to see how different companies are 0:19:09.080 --> 0:19:12.000 able to bring AI into their solutions just to make 0:19:12.040 --> 0:19:16.600 better products for everyone. So Adobe and Figma are no exceptions. 0:19:16.600 --> 0:19:20.400 I think that both companies will do great things here. 0:19:20.440 --> 0:19:22.960 And you know this is the very start. There's so 0:19:23.040 --> 0:19:24.720 much more to come, and it's really hard to predict 0:19:25.200 --> 0:19:28.439 the future, but obviously more building towards it. 0:19:28.440 --> 0:19:30.080 It's hard to predict the future. I'm still going to 0:19:30.080 --> 0:19:30.919 ask you to try. 0:19:31.680 --> 0:19:34.360 There's a lot of interesting like Figma's own momentum, right, 0:19:34.400 --> 0:19:36.760 That's why there was so much excitement about the deal 0:19:36.760 --> 0:19:40.399 with Adobe. What is your customermentum? Like, what is it 0:19:40.520 --> 0:19:42.720 you're carrying into this potential deal close? 0:19:44.040 --> 0:19:47.480 Yeah, obviously I can't share exact numbers, but it's been 0:19:47.520 --> 0:19:50.680 a very exciting your Figma. We've added I think about 0:19:50.680 --> 0:19:54.240 five hundred employees now since the deal is announced. We've 0:19:54.480 --> 0:19:56.920 introduced new products like dev Moode as well as advanced 0:19:56.920 --> 0:20:00.320 pro typing variables and how the user conference called fig 0:20:00.400 --> 0:20:04.560 with eighty five hundred people coming. Honestly, it's it's felt 0:20:04.600 --> 0:20:08.800 like we've been accelerating our pace and I hope to 0:20:09.040 --> 0:20:12.400 continue that acceleration and momentum into the deal. 0:20:12.400 --> 0:20:12.800 Clothes. 0:20:13.240 --> 0:20:15.120 Well, really nice to have you here talking us through 0:20:15.119 --> 0:20:17.760 at Figma. CEO Dylan Field, thanks so much for your 0:20:17.760 --> 0:20:18.280 time today. 0:20:25.680 --> 0:20:27.280 Welcome back to Bloomberg Technology. 0:20:27.320 --> 0:20:29.640 I'm Ed Loveloke and I'm Caroline Hyde. 0:20:29.680 --> 0:20:31.080 One of those days, let's get a quick check on 0:20:31.080 --> 0:20:33.040 the markets at the moment, because we're on a bit 0:20:33.080 --> 0:20:34.800 of a tear, we've got desire to get into tech 0:20:34.840 --> 0:20:37.080 names in particular. In fact, we have been up for 0:20:37.200 --> 0:20:40.359 eight straight days on the NASDAC and indeed on the 0:20:40.400 --> 0:20:43.520 NASDAQ one hundred longest winning streets. It's November twenty twenty one, 0:20:43.720 --> 0:20:45.520 whilso adding the fuel to the far while we up 0:20:45.560 --> 0:20:47.200 more than eight percent. Because some of the big tech 0:20:47.280 --> 0:20:49.359 names are rising on the day, let's look over and 0:20:49.400 --> 0:20:51.359 look at some of the micro names, and in fact, 0:20:51.400 --> 0:20:53.840 Microsoft heading over towards you, had a new record high. 0:20:53.840 --> 0:20:55.720 At the moment, we're currently up by just four and 0:20:56.119 --> 0:20:57.959 three quarters of point, but that's still one point three 0:20:58.000 --> 0:21:01.479 percent to the upside. Data Dog absolutely flying New York 0:21:01.520 --> 0:21:02.720 based company up thirty percent. 0:21:02.800 --> 0:21:03.360 Let's call it. 0:21:03.560 --> 0:21:06.040 As we see this software company outperform, really raising its 0:21:06.040 --> 0:21:08.320 guidance on its back of its numbers uber as well 0:21:08.560 --> 0:21:10.800 managing to be on the higher site after its earnings 0:21:10.840 --> 0:21:13.600 as well, we see that it's really pushing towards well, 0:21:13.640 --> 0:21:16.439 the forecast being one that the investor bases liking were 0:21:16.520 --> 0:21:19.560 up two point four percent, and Apple still higher more 0:21:19.560 --> 0:21:21.600 than percent point higher. That's as we get a scoop 0:21:21.640 --> 0:21:23.399 coming from our own Mark German, who's saying, look, they 0:21:23.480 --> 0:21:26.480 might have to put pause to some software initiatives and 0:21:26.520 --> 0:21:29.280 indeed's improvements next year because as they want to iron 0:21:29.280 --> 0:21:32.040 out some glitches in particular that will be across their phone, 0:21:32.080 --> 0:21:35.240 that imag across the macro course and increase across most 0:21:35.240 --> 0:21:37.560 of their software. But what'll be looking at in terms 0:21:37.600 --> 0:21:38.680 of individual moves today. 0:21:38.800 --> 0:21:41.160 Yeah, Look, some of the biggest names in megacat tech 0:21:41.280 --> 0:21:44.040